Cytek Biosciences Inc (CTKB) 2025 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Cytek Biosciences first-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持。現在，我歡迎大家參加 Cytek Biosciences 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Paul Goodson, Head of Investor Relations. Please go ahead, sir.

現在我想將會議交給投資人關係主管保羅古德森 (Paul Goodson)。先生，請繼續。

Thank you, operator. Earlier today, Cytek Biosciences released financial results for the first quarter ended March 31, 2025. If you haven't received this news release or if you'd like to be added to the company's distribution list, please send an e-mail to investors@cytekbio.com. A copy of the news release is also available on the Investor Relations section of Cytek's website at investors.cytekbio.com. Joining me today from Cytek are Wenbin Jiang, CEO; and Bill McCombe, CFO.

謝謝您，接線生。今天早些時候，Cytek Biosciences 發布了截至 2025 年 3 月 31 日的第一季財務業績。如果您尚未收到此新聞稿，或希望加入公司通訊錄，請發送電子郵件至 investors@cytekbio.com。您也可以在 Cytek 網站 investors.cytekbio.com 的「投資者關係」版塊取得新聞稿副本。今天與我一同出席的還有 Cytek 執行長蔣文斌和財務長 Bill McCombe。

Please note that we will be referencing a slide presentation during the call today that has been posted to the Investors section of our corporate website. As a reminder, we will make statements during the call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding Cytek's business plans, strategies, opportunities and financial projections.

請注意，我們將在今天的電話會議中參考已發佈到我們公司網站投資者部分的幻燈片簡報。提醒一下，我們將在電話會議中做出符合聯邦證券法含義的前瞻性陳述，包括有關 Cytek 的業務計劃、策略、機會和財務預測的陳述。

These statements are based on the company's current expectations and inherently involve significant risks and uncertainties that could cause actual results or events to materially differ from those anticipated in these statements.

這些聲明是基於公司目前的預期，本質上涉及重大風險和不確定性，可能導致實際結果或事件與這些聲明中預期的結果或事件有重大差異。

Additional information regarding these risks and uncertainties appears in our slide presentation in the section entitled Forward-Looking Statements, in the press release Cytek issued today, and in Cytek's filings with the SEC. This call will also include a discussion of certain financial measures that are not calculated in accordance with Generally Accepted Accounting Principles.

有關這些風險和不確定性的更多信息，請參閱我們幻燈片演示中題為“前瞻性聲明”的部分、Cytek 今天發布的新聞稿以及 Cytek 向美國證券交易委員會提交的文件中。本次電話會議也將討論某些未依照公認會計原則計算的財務指標。

Additional information regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, may be found in our slide presentation and in today's press release. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

有關我們使用非 GAAP 財務指標的更多信息，包括與最直接可比較的 GAAP 財務指標的對賬，可以在我們的幻燈片演示和今天的新聞稿中找到。雖然公司認為這些非公認會計準則財務指標為投資者提供了有用的信息，但這些資訊的呈現並非旨在單獨考慮或替代按照公認會計準則呈現的財務資訊。

Except as required by law, Cytek disclaims any duty to update any forward-looking statements, whether because of new information, future events or changes in its expectations. This conference call contains sensitive information and is accurate only as of the live broadcast, May 8, 2025. Finally, I would like to invite analysts and institutional investors to attend any of the six user group meetings Cytek will be hosting in 2025.

除法律要求外，Cytek 不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件還是預期變化。本次電話會議包含敏感訊息，僅截至 2025 年 5 月 8 日現場直播時準確。最後，我想邀請分析師和機構投資者參加 Cytek 將於 2025 年主辦的六次用戶組會議中的任何一次。

These are typically all-day meetings where Cytek scientists and users of Cytek's instruments meet to discuss research initiatives, advances in the field and use cases for Cytek's products. The next meeting will be in La Jolla on May 15 at the Estancia Hotel. In addition to Cytek's user group meetings this year, there will be a variety of industry and academic conferences, meetings and seminars where we will be exhibiting Cytek's products in the US and around the world. While these events are primarily geared to the scientific community, they may offer an opportunity to interact with users of our technologies to learn why Cytek's instruments are so highly valued by our customers.

這些會議通常是全天會議，Cytek 科學家和 Cytek 儀器的用戶齊聚一堂，討論研究計劃、該領域的進展以及 Cytek 產品的使用案例。下次會議將於 5 月 15 日在拉霍亞的 Estancia 酒店舉行。除了今年 Cytek 的用戶小組會議之外，還將舉辦各種行業和學術會議、會議和研討會，我們將在美國和世界各地展示 Cytek 的產品。雖然這些活動主要面向科學界，但它們可以提供與我們技術使用者互動的機會，以了解為什麼 Cytek 的儀器如此受到客戶的高度重視。

We have a limited number of spaces to accommodate members of the financial community. So, if you are interested in attending any of these events, please contact me. With that, I would like to turn the call over to Wenbin.

我們只有有限數量的空間來容納金融界的成員。因此，如果您有興趣參加任何這些活動，請與我聯繫。說到這裡，我想把電話轉給文斌。

Thanks, Paul. Welcome, everyone, and thank you for your interest in Cytek. On today's call, I will discuss our performance during the first quarter, including factors impacting our business, provide an update on our 2025 outlook and share details on how we are navigating this dynamic macro environment. Next, I will provide highlights on how our progress in the quarter across our strategic priorities for 2025 before handing the call over to Bill for a more detailed look at our financials and our 2025 outlook. Starting with our first quarter revenue on slide 3.

謝謝，保羅。歡迎大家，感謝您對 Cytek 的關注。在今天的電話會議上，我將討論我們第一季的業績，包括影響我們業務的因素，提供我們 2025 年展望的最新情況，並分享我們如何應對這一動態宏觀環境的詳細資訊。接下來，我將重點介紹我們本季在 2025 年策略重點方面取得的進展，然後將電話交給比爾，讓他更詳細地介紹我們的財務狀況和 2025 年展望。從幻燈片 3 上的第一季收入開始。

First quarter revenue in 2025 was $41.5 million, down 7.6% compared to the first quarter of 2024. The year-over-year decline was driven mainly by weakness in instrument sales in the US and EMEA, partially offset by strength in instrument sales in APAC and the rest of the world regions. Service revenue worldwide reached $13.3 million, an increase of 24% versus a year ago. The growth in service revenue continued its strong performance and was driven by the expansion of our instrument installed base and active usage of our tools across a broad range of disciplines.

2025 年第一季營收為 4,150 萬美元，與 2024 年第一季相比下降 7.6%。年比下降的主要原因是美國和歐洲、中東和非洲地區儀器銷售疲軟，但亞太地區和世界其他地區儀器銷售強勁，部分抵消了這一影響。全球服務收入達1,330萬美元，較去年同期成長24%。服務收入的成長延續了強勁的表現，這得益於我們儀器安裝基礎的擴展以及我們工具在廣泛學科領域的積極使用。

Turning to slide 4. Diving into the underlying factors towards the last month of the first quarter, we began to see a broad-based slowdown in instrument orders across our US and EMEA regions. Among the academic and government customers in the US, instrument placements declined driven by uncertainties with academic funding from US policy change.

翻到幻燈片 4。深入研究第一季最後一個月的潛在因素，我們開始看到美國和歐洲、中東和非洲地區的儀器訂單普遍放緩。在美國學術界和政府客戶中，由於美國政策變化對學術資助的不確定性，儀器安裝量下降。

In EMEA, pressure due to government funding priorities affected purchasing trends. Sales across our Biotech, Pharma and CRO Customers declined due to some orders being postponed to the second quarter and the customer buying decisions being influenced by the uncertainties across the industry due to the US policy environment. Geographically, we continued to benefit from a stronger demand environment for instruments in the APAC and in the rest of the world region, which include Canada and Latin America. Total revenue in APAC and the rest of the world region together was $11.4 million, up 35.6% year-over-year.

在歐洲、中東和非洲地區，政府資助優先權帶來的壓力影響了購買趨勢。由於部分訂單被推遲至第二季度，且客戶購買決策受到美國政策環境導致的整個產業不確定性的影響，我們的生物技術、製藥和 CRO 客戶的銷售額有所下降。從地理位置來看，我們繼續受益於亞太地區以及包括加拿大和拉丁美洲在內的世界其他地區對儀器更強勁的需求環境。亞太地區和世界其他地區的總收入為 1,140 萬美元，年增 35.6%。

While we are viewing future sales in China with a level of conservatism, we continued to experience an increase in orders in the first quarter related to the China stimulus program. Due to the recent change in the market environment as a result of these macroeconomic and policy-related factors, we now anticipate full year 2025 revenue to be in the range of $196 million to $210 million. We continue to expect constraints on capital equipment spending in the US and EMEA due to these conditions. Bill will provide more details on this outlook shortly.

雖然我們對中國未來的銷售持保守態度，但第一季與中國經濟刺激計劃相關的訂單仍然有所增長。由於這些宏觀經濟和政策相關因素導致市場環境近期發生變化，我們現在預計 2025 年全年收入將在 1.96 億美元至 2.1 億美元之間。由於這些情況，我們預計美國和歐洲、中東和非洲地區的資本設備支出將繼續受到限制。比爾很快就會提供有關這一前景的更多細節。

While we continue to operate in a dynamic market environment, the durable foundation we have built enables us to be agile and to drive Cytek forward through uncertain times. Importantly, we remain confident in our positioning. We are serving a large and growing cell analysis market with our industry-leading cell analysis portfolio, global diversification and the critical first-mover advantage we have in FSP technology. More than 50% of our product sales are outside of the US. To support our customers worldwide, we have established manufacturing operations in three countries: the US, China and Singapore.

雖然我們繼續在動態的市場環境中運營，但我們建立的堅實基礎使我們能夠靈活應對，並推動 Cytek 在充滿不確定性的時期繼續前進。重要的是，我們對自己的定位仍然充滿信心。我們憑藉著業界領先的細胞分析產品組合、全球多樣化以及在 FSP 技術方面的關鍵先發優勢，服務於龐大且不斷成長的細胞分析市場。我們的產品 50% 以上的銷售量都在美國以外。為了支援全球客戶，我們在美國、中國和新加坡三個國家建立了製造業務。

This manufacturing footprint enables region for region manufacturing and allows us to optimize product flows for any global health environment. We further believe that having multiple manufacturing locations enhances the resilience of our supply chain, thereby ensuring more reliable and cost-effective product availability for our customers.

這種製造足跡使我們能夠實現區域間的製造，並使我們能夠針對任何全球健康環境優化產品流程。我們進一步相信，擁有多個生產地點可以增強我們供應鏈的彈性，從而確保為我們的客戶提供更可靠、更具成本效益的產品。

Our current manufacturing capacity for instruments and reagents can more than adequately support our customers for the foreseeable future without additional capital investment in production facilities. I would now like to update you on the progress our team has made across our core strategic pillars, Instruments, Applications, Bioinformatics And Clinical to solidify Cytek's position as a market leader in next-gen cell analysis solutions. Starting with our core Instruments on slide 5.

我們目前的儀器和試劑生產能力足以在可預見的未來為我們的客戶提供支持，而無需在生產設施上進行額外的資本投資。現在，我想向您介紹我們的團隊在核心策略支柱、儀器、應用、生物資訊學和臨床方面取得的進展，以鞏固 Cytek 作為下一代細胞分析解決方案市場領導者的地位。從投影片 5 上的核心儀器開始。

In the first quarter, we expanded our global footprint by 115 instruments, bringing Cytek's total installed base to 3,149 units. In the first quarter, we also announced the launch of the Cytek Muse Micro System. The Muse MicroCell analyzer is an affordable option that synchronies flow cytometry while enhancing ease of use, precision, and versatility.

第一季度，我們在全球擴展了 115 台儀器，使 Cytek 的總安裝基數達到 3,149 台。第一季度，我們也宣布推出Cytek Muse微系統。Muse MicroCell 分析儀是一種經濟實惠的選擇，它可以同步流式細胞儀，同時增強易用性、精確度和多功能性。

This latest instrument expands assay capabilities to drive adoption in new emerging markets such as cell and gene therapy and drug discovery by enabling smaller labs and resource-limited facilities to access high-quality flow cytometry and a cost-effective price. While revenues were down in this Q1 2024 in both the academic and government and the biopharma market segments, we believe this was largely due to market weakness rather than market share loss.

這款最新儀器擴展了檢測能力，使小型實驗室和資源有限的設施能夠以經濟實惠的價格獲得高品質的流式細胞術，從而推動細胞和基因治療以及藥物發現等新興市場的採用。儘管 2024 年第一季學術和政府以及生物製藥市場的收入均有所下降，但我們認為這主要是由於市場疲軟而非市場份額損失。

Our competitive position as a leader in the FSP market segment remains strong. We have established a significant commercial footprint and brand identity in the US and EMEA and are expanding our market leadership in APAC and in the rest of the world regions. The large installed base of high-parameter analyzer instruments we have built over time provides a durable foundation for driving recurring revenue growth in our service and reagents businesses.

我們作為 FSP 市場領域的領導者的競爭地位依然強勁。我們在美國和歐洲、中東和非洲地區建立了重要的商業足跡和品牌形象，並正在擴大我們在亞太地區和世界其他地區的市場領導地位。我們長期以來建立的大量高參數分析儀器安裝基礎為推動我們的服務和試劑業務的經常性收入成長提供了持久的基礎。

To expand our addressable market and accelerate growth, we have made strategic investments to advance our product pipeline with newer generations of products, such as Aurora cell sorter and entry-level to mid-level instruments, including our Northern Light Line and Muse Micro system.

為了擴大我們的潛在市場並加速成長，我們進行了策略性投資，以透過更新一代的產品來推進我們的產品線，例如 Aurora 細胞分選器和入門級到中級儀器，包括我們的 Northern Light Line 和 Muse Micro 系統。

The resilience of our product portfolio amidst a challenging macroeconomic backdrop is demonstrated by the 15% trailing 12-month growth in Aurora Cell Sorter unit placements and 17% TTM growth in Northern Lights units installed. Within our portfolio, Aurora CS revenue grew 15% year-over-year, and Northern Lights revenue increased 6% year-over-year in the first quarter. Northern Lights Analyzer sales grew 8% year-over-year. Notably, both Aurora Cell Sorter and Northern Lights Placements sales have continued the growth trend that we saw in the fourth quarter of 2024. Collectively, these instrument placements represent growth across a diverse customer base, offering comprehensive and better solutions tailored to meet their needs.

在充滿挑戰的宏觀經濟背景下，我們的產品組合表現出了韌性，Aurora 細胞分選器安裝量在過去 12 個月內增長了 15%，Northern Lights 安裝量在過去 12 個月內增長了 17%。在我們的投資組合中，Aurora CS 營收年增 15%，Northern Lights 營收在第一季年增 6%。北極光分析儀的銷量較去年同期成長了8%。值得注意的是，Aurora Cell Sorter 和 Northern Lights Placements 的銷售量都延續了我們在 2024 年第四季看到的成長趨勢。總的來說，這些儀器的配置代表著不同客戶群的成長，提供了全面、更好的客製化解決方案來滿足他們的需求。

Moving to Bioinformatics on slide 6. I'm pleased to report that the Cytek Cloud continues to grow as a vital resource in the research community. Our main goal is to enable our customers to streamline their experiment workflow through our software tools, which drive adoption and utilization of Aurora Cell Sorter analysis solutions and the growth in our reagent and service businesses.

轉到幻燈片 6 上的生物資訊學。我很高興地報告，Cytek Cloud 繼續發展成為研究界的重要資源。我們的主要目標是使我們的客戶能夠透過我們的軟體工具簡化他們的實驗工作流程，從而推動 Aurora Cell Sorter 分析解決方案的採用和利用以及我們的試劑和服務業務的成長。

We now have over 18,000 users, which grew by 2,000 users in the first quarter alone. This represents an average of about six users per installed Cytek SST instrument, which validates the loyalty our users have to our product portfolio and demonstrates the halo effect of our platform.

我們現在有超過 18,000 名用戶，光是第一季就增加了 2,000 名用戶。這意味著每台安裝的 Cytek SST 儀器平均有大約六名用戶，這證明了用戶對我們產品組合的忠誠度，並展示了我們平台的光環效應。

The increase in Cytek Cloud users reflects growth in the usage of our products and is directionally correlated with long-term recurring revenue growth drivers from our reagents and service businesses. Turning to our next growth pillar, Applications. While we are in the early innings with our reagent business, we continue to believe that it has strong growth potential.

Cytek Cloud 用戶數量的增加反映了我們產品使用量的成長，並且與我們試劑和服務業務的長期經常性收入成長動力呈正相關。轉向我們的下一個成長支柱，應用程式。雖然我們的試劑業務尚處於早期階段，但我們仍然相信它具有強勁的成長潛力。

We plan to drive growth by accelerating our new reagent product introduction engine, which will expand our reagent offerings and application specific kits. The share of reagents we supply as a percentage of total reagent volumes used on our instruments is still at the onset of its growth trajectory.

我們計劃透過加速我們的新試劑產品推出引擎來推動成長，這將擴大我們的試劑產品和特定應用的試劑盒。我們提供的試劑占我們儀器所用試劑總量的百分比仍處於成長軌跡的開始階段。

We believe there is a significant growth potential ahead as we continue serving our expanding installed base, improving our execution and delivery time to customers, leveraging the Cytek Cloud as a reagent sales platform, and introducing new reagent products and applications.

我們相信，隨著我們繼續服務於不斷擴大的安裝基礎、改善對客戶的執行和交付時間、利用 Cytek Cloud 作為試劑銷售平台以及推出新的試劑產品和應用，未來將具有巨大的成長潛力。

Notably, I believe we have reached an inflection point with recurring revenue, including reagent and service revenue combined, leveraging our established and expanding installed base. In the first quarter, we were pleased to see our reagent sales positively contribute to our recurring revenue rate as a percentage of our total revenue. Specifically, our trailing 12-month recurring revenue is steadily growing, representing 31% of our total revenue in the first quarter, up from 26% a year ago.

值得注意的是，我相信我們已經達到了一個轉折點，包括試劑和服務收入在內的經常性收入將利用我們已建立的和不斷擴大的安裝基礎。在第一季度，我們很高興地看到試劑銷售額對我們經常性收入佔總收入的百分比做出了積極的貢獻。具體來說，我們過去 12 個月的經常性收入穩定成長，佔第一季總營收的 31%，高於去年同期的 26%。

Further, our trailing 12-month recurring revenue grew 17% in the first quarter compared to the prior year. Longer term, we expect our recurring service and reagents revenue to be stronger growth drivers for Cytek.

此外，我們第一季過去 12 個月的經常性收入與去年同期相比成長了 17%。從長遠來看，我們預計經常性服務和試劑收入將成為 Cytek 更強勁的成長動力。

Turning next to Clinical. We continue to believe the Clinical market represents an attractive business opportunity for Cytek, and we have seen considerable growth in the EU and APAC for clinical applications. In the EU, one academic hospital fully validated our Minimal Residual Disease or MRD panel for leukemia and lymphoma and will begin implementing it in their routine clinical testing this quarter. As a key opinion leader, this institution has also supported our outreach to other clinical sites in the Netherlands, Australia, and Brazil.

接下來轉向臨床。我們仍然相信臨床市場對 Cytek 來說是一個有吸引力的商業機會，我們已經看到歐盟和亞太地區的臨床應用取得了顯著成長。在歐盟，一家學術醫院已完全驗證了我們針對白血病和淋巴瘤的微小殘留疾病或 MRD 面板，並將於本季度開始在其常規臨床測試中實施該面板。作為關鍵意見領袖，該機構也支持我們與荷蘭、澳洲和巴西的其他臨床站點接觸。

Overall, I'm encouraged by our results despite challenging macro headwinds in the US and EMEA. We have areas of strength in high-growth regions, including in Asia Pacific, and the strength in Aurora cell sorter and Northern Light instruments. The large installed base we have built worldwide provides the basis for long-term growth in our recurring services and reagent businesses and offers the opportunity to scale our instrument offerings. I believe that we are well-positioned to emerge from this period even stronger than we are today, leveraging our industry-leading cell analysis portfolio and strong business fundamentals.

總體而言，儘管美國和歐洲、中東和非洲地區面臨宏觀不利因素，但我對我們的業績感到鼓舞。我們在亞太地區等高成長地區擁有優勢，在 Aurora 細胞分選器和 Northern Light 儀器方面也擁有優勢。我們在全球範圍內建立的龐大安裝基礎為我們的經常性服務和試劑業務的長期成長提供了基礎，並提供了擴大我們的儀器產品供應的機會。我相信，憑藉我們領先業界的細胞分析產品組合和強大的業務基礎，我們有能力走出這段時期，變得比現在更強大。

With that, I will now turn the call over to Bill for more details about our financials.

說完這些，我現在將把電話轉給比爾，以了解有關我們財務狀況的更多詳細資訊。

Thanks, Wenbin. Turning to slide 7 and our first quarter financial results. Total revenue for the first quarter of 2025 was $41.5 million, a 7.6% decrease compared to the first quarter of 2024. Product revenue, which is instruments and reagents, decreased 18% versus Q1 of 2024. This decrease was driven by a weaker instrument market in the US

謝謝，文斌。轉到投影片 7 和我們的第一季財務表現。2025 年第一季總營收為 4,150 萬美元，與 2024 年第一季相比下降 7.6%。產品收入（儀器和試劑）與 2024 年第一季相比下降了 18%。這一下降是由於美國儀器市場疲軟所致

and EMEA. As Wenbin described earlier, this was primarily due to academic funding uncertainties in the US, pressure on government budgets in EMEA causing delays in academic and research funding, and a cautious capital spending environment in the Biotech and Pharma industries. Service revenue was a bright spot, growing 24% versus Q1 of 2024. Growth in service revenue reflects continued expansion of our installed base of instruments and active usage of our systems. Turning to our geographic market performance.

以及歐洲、中東和非洲地區。如文斌之前所描述的，這主要是由於美國學術資金的不確定性、歐洲、中東和非洲地區政府預算壓力導致學術和研究資金延遲，以及生物技術和製藥業謹慎的資本支出環境。服務收入是一個亮點，與 2024 年第一季相比成長了 24%。服務收入的成長反映了我們儀器安裝基礎的持續擴大和我們系統的積極使用。轉向我們的地理市場表現。

Total US and EMEA revenue declined 13% and 24%, respectively, driven by lower instrument sales for the reasons I mentioned. On the other hand, Asia Pacific grew very strongly, up 40%, driven by particularly strong growth in China. Other international markets, primarily Canada and Latin America, also grew strongly off a small base. We believe this growth reflects the strength of Cytek's brand and customer preference for our technology globally.

由於我提到的原因，儀器銷售額下降導緻美國和歐洲、中東和非洲地區的總收入分別下降了 13％ 和 24％。另一方面，亞太地區成長強勁，成長了 40%，這主要得益於中國市場的強勁成長。其他國際市場，主要是加拿大和拉丁美洲，也在小規模的基礎上實現了強勁成長。我們相信，這種成長反映了 Cytek 品牌的實力以及全球客戶對我們技術的偏好。

GAAP gross profit was $20.2 million for the first quarter of 2025, a decrease of 12% compared to gross profit of $23 million in the first quarter of 2024. GAAP gross margin was 49% in the first quarter compared to 51% in the prior year. Non-GAAP adjusted gross margin in the first quarter was 52% compared to 55% in the prior year quarter. The decline in GAAP and adjusted gross margin was primarily due to lower product revenues and higher manufacturing overhead. This was offset by higher service gross margin compared to a year ago.

2025 年第一季 GAAP 毛利為 2,020 萬美元，較 2024 年第一季的 2,300 萬美元毛利下降 12%。第一季 GAAP 毛利率為 49%，去年同期為 51%。第一季非公認會計準則調整後毛利率為 52%，去年同期為 55%。GAAP 和調整後毛利率的下降主要是因為產品收入下降和製造費用增加。與去年同期相比，這一差距被更高的服務毛利率所抵消。

We expect quarterly gross margin to improve for the balance of the year as quarterly revenue increases consistent with typical seasonal patterns. Operating expenses were $35.1 million for the first quarter, an increase of $1.4 million from the prior year. Research and development expenses were $9.7 million for the first quarter, down $0.1 million from the first quarter of 2024. Sales and marketing expenses were $12.5 million for the first quarter, flat versus the first quarter of 2024. General and administrative expenses were $12.9 million for the first quarter, up $1.5 million from the first quarter of 2024 due to higher outside services and headcount expense.

我們預計，由於季度營收的成長與典型的季節性模式一致，今年剩餘時間的季度毛利率將會提高。第一季營運費用為 3,510 萬美元，比上年增加 140 萬美元。第一季研發費用為 970 萬美元，比 2024 年第一季減少 10 萬美元。第一季銷售和行銷費用為 1,250 萬美元，與 2024 年第一季持平。第一季的一般及行政開支為 1,290 萬美元，較 2024 年第一季增加 150 萬美元，原因是外部服務和員工開支增加。

Loss from operations was $15 million for the first quarter compared to the $10.7 million loss from operations in the prior year quarter. GAAP net loss was $11.4 million in the first quarter compared to GAAP net loss of $6.2 million in the prior year quarter. This was primarily due to a larger loss from operations of $15 million in the current quarter versus $10.7 million a year ago and a tax expense of $0.1 million versus a tax benefit of $2.8 million a year ago, offset by higher other income due to $1.3 million foreign exchange gain in the current quarter compared to a $1.1 million FX loss in the prior year quarter.

第一季營業虧損為 1,500 萬美元，而去年同期的營業虧損為 1,070 萬美元。第一季 GAAP 淨虧損為 1,140 萬美元，去年同期 GAAP 淨虧損為 620 萬美元。這主要是因為本季的營業虧損為 1,500 萬美元，而去年同期為 1,070 萬美元，且稅費為 10 萬美元，而去年同期的稅收收益為 280 萬美元，但本季外匯收益為 130 萬美元，而去年同期外匯損失為 110 萬美元，因此其他收入增加。

Adjusted EBITDA, which excludes stock-based compensation and foreign currency impacts decreased to a loss of $3.3 million for the first quarter due to lower gross profit compared to a loss of $0.7 million in Q1 of last year. Adjusted EBITDA included investment income of $2.3 million.

調整後的 EBITDA（不包括股票薪資和外匯影響）在第一季減少至虧損 330 萬美元，原因是毛利下降，而去年第一季的虧損為 70 萬美元。調整後的 EBITDA 包括 230 萬美元的投資收益。

Excluding this amount, adjusted EBITDA loss was $5.5 million in Q1 compared to a loss of $2.6 million in Q1 of last year. We expect adjusted EBITDA to improve on a quarterly basis as revenues and gross margins increase consistent with typical seasonal patterns. Total cash and marketable securities decreased $12.3 million versus Q4 to $265.6 million as of March 31, 2025. The decline was primarily driven by our investment of $10.6 million to repurchase shares during Q1. Lastly, turning to our full year guidance on page 8.

除此金額外，第一季調整後的 EBITDA 虧損為 550 萬美元，而去年第一季虧損為 260 萬美元。我們預計，隨著營收和毛利率按照典型的季節性模式成長，調整後的 EBITDA 將逐季改善。截至 2025 年 3 月 31 日，現金及有價證券總額較第四季減少 1,230 萬美元至 2.656 億美元。下降的主要原因是，我們在第一季投資了 1,060 萬美元回購股票。最後，請翻到第 8 頁的全年指引。

As Wenbin described earlier, due to the significant change in our market environment since our last earnings call in late February, we are revising our full year 2025 revenue outlook to a range of $196 million to $210 million, representing overall growth of minus 2% to plus 5% over full year 2024, assuming no change in currency exchange rates.

如文斌之前所述，由於自 2 月底上次財報電話會議以來市場環境發生了重大變化，我們將 2025 年全年收入預期修正為 1.96 億美元至 2.1 億美元，假設匯率不變，則與 2024 年全年相比，總體增長為 -2% 至 +5%。

Consistent with our typical seasonal pattern and especially given the current uncertainties in the market and geopolitical environment, we expect this growth to be back-end loaded to the second half of 2025. As Wenbin further noted, our market leadership position remains strong, and we believe we will perform well relative to the overall flow cytometry market. Our strong balance sheet also gives us the ability to continue investing for growth.

與我們典型的季節性模式一致，特別是考慮到當前市場和地緣政治環境的不確定性，我們預計這一增長將在 2025 年下半年後期顯現。正如文斌進一步指出的那樣，我們的市場領導地位依然強勁，我們相信我們將在整個流式細胞儀市場表現良好。我們強勁的資產負債表也使我們能夠繼續投資以實現成長。

With that, I'll turn it back over to Wenbin.

說完這些，我把話題交還給文斌。

Thanks, Bill. Turning to slide 9. I want to take a moment to thank our team at Cytek for their dedication to our mission and overall resilience amidst a very difficult market backdrop. It is this shared belief that positions us well as we strengthen our foundation for the future. We are serving a large and growing cell analysis market as a market leader.

謝謝，比爾。翻到第 9 張投影片。我想花點時間感謝 Cytek 團隊對我們使命的奉獻以及在非常困難的市場背景下表現出的整體韌性。正是這種共同的信念使我們能夠為未來奠定堅實的基礎。作為市場領導者，我們服務於龐大且不斷成長的細胞分析市場。

We continue to make thoughtful investments in our product pipeline and our service teams to drive growth and innovation and to strengthen our competitive position. Our strong balance sheet underpins our foundation, which provides us with options and further flexibility in the future. We have a clear road map to expand our market leadership position in cell analysis. These powerful attributes provide us with confidence in our long-term objective of delivering sustainable growth and profitability.

我們繼續對我們的產品線和服務團隊進行深思熟慮的投資，以推動成長和創新並加強我們的競爭地位。我們強勁的資產負債表支撐了我們的基礎，為我們未來的選擇和進一步的靈活性提供了保障。我們有一個清晰的路線圖來擴大我們在細胞分析領域的市場領導地位。這些強大的屬性使我們對實現永續成長和獲利的長期目標充滿信心。

I want to thank everyone for joining today's call, and we will now open it up for questions. Operator?

我要感謝大家參加今天的電話會議，現在我們將開始提問。操作員？

(Operator Instructions) Tejas Savant, Morgan Stanley.

（操作員指示） Tejas Savant，摩根士丹利。

This is Jason on for Tejas. So, tariffs have been a key focus for investors. So, it sounds manageable for Cytek, but I just want to confirm, should we expect any gross margin impact because of the recent tariff policy? Apologies if I misheard. I believe you said like Cytek could potentially use some of your current available inventory to provide a buffer.

這是 Tejas 隊的 Jason。因此，關稅一直是投資者關注的重點。因此，對於 Cytek 來說，這聽起來是可以控制的，但我只想確認一下，我們是否應該預期最近的關稅政策會對毛利率產生影響？如果我聽錯了，請原諒。我相信您說過 Cytek 可能會使用您目前的一些可用庫存來提供緩衝。

But obviously, that is just temporary. So, I was wondering if you could quantify like a gross margin impact from the current tariff policy. And then you talked about some supply chain mitigants. I don't believe I heard you talk really about pricing. So, is pricing something Cytek could turn to also as a mitigant to the tariffs?

但顯然，這只是暫時的。所以，我想知道您是否可以量化當前關稅政策對毛利率的影響。然後您談到了一些供應鏈緩解措施。我不相信我聽過你真正談論定價。那麼，Cytek 是否也可以利用定價來緩解關稅呢？

And I guess the third part would be, there's currently 125% tariffs from China and US exports. So obviously, it's very hard to sell any products there. I'm wondering like how much of the 2025 revenue guidance cut could be because of this dynamic like the inability to sell your products in China?

我想第三部分是，目前對中國和美國出口的關稅為 125%。顯然，在那裡銷售任何產品都非常困難。我想知道，2025 年收入預期削減多少可能是因為無法在中國銷售產品這種動態？

Okay. Let me try to take those in order. So, it's important to understand that we have established manufacturing facilities that are all producing and shipping product in three regions: the US, Singapore, which is our new facility in Wuxi, China. And so, our primary strategy for managing tariffs is what we call region-for-region manufacturing. So, we make product for sale in a particular region in the region that would be least impacted by tariffs.

好的。讓我試著按順序來處理它們。因此，重要的是要了解我們已經建立了製造工廠，這些工廠都在三個地區生產和運輸產品：美國、新加坡以及我們在中國無錫的新工廠。因此，我們管理關稅的主要策略就是所謂的區域對區域製造。因此，我們在受關稅影響最小的地區生產產品並在該地區銷售。

So, making product for Asia and Europe in Asia and product for sale in the US. In the US, obviously, we can't do that 100%, but we are able to mitigate a substantial portion of the potential tariff liability that way. The other thing that we can do is reorganize where we source components from. And then thirdly, we are recovering some costs from customers through surcharges.

因此，我們在亞洲生產面向亞洲和歐洲的產品，並在美國銷售產品。在美國，我們顯然無法 100% 做到這一點，但我們可以透過這種方式減輕很大一部分潛在的關稅責任。我們可以做的另一件事是重新組織我們的零件來源。第三，我們透過附加費向客戶收回部分成本。

And so those are the strategies for dealing with the tariffs. We don't think that, that will have any significant impact on our revenues in 2025. When I say that, I'm obviously putting to one side the uncertainties created by the economic and market environment that we're in. But in terms of tariffs specifically, we don't think that will have an impact. In terms of gross margin, the impact, I think, will be fairly limited and in the range of 1% to 3%.

這些就是應對關稅的策略。我們認為這不會對我們 2025 年的收入產生任何重大影響。當我這樣說的時候，我顯然把我們所處的經濟和市場環境所造成的不確定性放在一邊。但具體就關稅而言，我們認為這不會產生影響。就毛利率而言，我認為影響將相當有限，在 1% 至 3% 的範圍內。

And in that regard, we would expect, as I mentioned in my remarks, that gross margin will improve over the ensuing quarters because we expect that revenues will follow the typical seasonal pattern where they'll be stronger in Q2, three and 4. And with higher revenues, we will see a benefit at the gross margin line. Did I cover all your questions?

在這方面，正如我在發言中提到的那樣，我們預計毛利率將在接下來的幾個季度中提高，因為我們預計收入將遵循典型的季節性模式，在第二季、第三季和第四季將更加強勁。隨著收入的增加，我們將看到毛利率的提高。我是否解答了您的所有問題？

Yes, most of it. And then the third part, just about the 125% tariff from China and US exports. Are you still able to sell your products in China?

是的，大部分都是。第三部分是關於中國和美國出口的 125% 關稅。你們的產品還能在中國銷售嗎？

We are able to sell products in China, absolutely. But that's the way that we deal with that tariff is through our region-for-region manufacturing. So obviously, products sold in China don't incur a tariff if they're manufacturing in China or if they're manufactured in Singapore.

我們絕對能夠在中國銷售產品。但我們處理關稅的方式是透過區域對區域的製造。因此，很明顯，如果產品在中國製造或在新加坡製造，那麼在中國銷售的產品就不會產生關稅。

Great. And then if I may ask just a follow-up. So, the academic government end market, it seems like the policy situation just might have gotten worse since you last guided in 4Q. So, we're seeing significant disruption in government funding at universities with some of the country's largest research budgets. There was also like a proposed 40% cut in the proposed 2026 budget to the NIH.

偉大的。然後我可以問一個後續問題。因此，學術政府終端市場，自從您上次在第四季度提供指導以來，政策情況似乎變得更糟了。因此，我們看到政府對擁有全國最大研究預算的大學的資助嚴重中斷。此外，還提議將 2026 年 NIH 預算削減 40%。

So, I'm just wondering like how are you thinking about like the potential risks to your 2025 guide? And what was your overall outlook for this end market? Like do you think maybe like minus mid-single-digit decline could be reasonable?

所以，我只是想知道您如何看待 2025 年指南的潛在風險？您對這個終端市場的整體展望如何？例如，您是否認為減去中位數個位數的下降可能是合理的？

We, look, the uncertainties associated with the university funding in the US are factored into our revised guidance. That's one of the new issues that caused us to come out with this revised guidance. So, the short answer to your question is it's factored into what we've told you about revenue expectations. I would make a couple of points there.

我們看到，與美國大學資金相關的不確定性已被納入我們的修訂指南中。這是促使我們發布此修訂指南的新問題之一。因此，對於您的問題，簡短的回答是，它已考慮到我們告訴您的收入預期。我想就此提出幾點。

One is that more than 50% of our revenue is outside the United States. So obviously, that revenue isn't affected by US university funding. And then thirdly and most importantly is we think about our revenue in three buckets: Service, which is growing strongly, Reagents, which also saw some nice growth in Q1, particularly in US and EMEA; and then the Instrument portion of our revenue is the one that's most impacted by issues like the one that you mentioned.

一是我們的50%以上的收入來自美國以外。顯然，該收入不受美國大學資助的影響。第三，也是最重要的一點，我們將收入分為三個部分：服務，增長強勁；試劑，在第一季度也取得了不錯的增長，特別是在美國和歐洲、中東和非洲地區；然後，儀器部分的收入受您提到的問題的影響最大。

But the other two revenue sources or revenue streams are not particularly affected by US university funding issues. But all that said, we are continuing to sell instruments to US universities here in the second quarter.

但其他兩個收入來源或收入流並沒有受到美國大學資金問題的特別影響。但儘管如此，我們仍將在第二季繼續向美國大學出售儀器。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

This is Ivy on for Matt. So, the first one on the Aurora Cell Sorter. What drove the double-digit growth there? And are there any specific end markets you would call out that may be differentiated versus your other instruments?

這是 Ivy 為 Matt 表演的。這是關於 Aurora 細胞分選儀的第一個。是什麼推動了那裡兩位數的成長？您是否認為存在一些特定的終端市場，可以與您的其他工具區分開來？

Well, I think we are seeing nice growth across all territories for Aurora Cell Sorters. Part of the reason is clearly; we see the benefit of Cytek sorter matches very well with our analyzer now already widely being adopted by both academic and industry users. And this matching of the panels between Cytek Sorter and Cytek Analyzer clearly demonstrated the benefits for our users and makes it very easy for them. So that's one reason. Second part is clearly the performance of Aurora Cell Sorter and has been very well demonstrated and many of our users can easily go with our sorters directly and go beyond 40 color panels.

嗯，我認為我們看到 Aurora Cell Sorters 在所有地區都實現了良好的成長。部分原因很明顯；我們看到 Cytek 分選器的優勢與我們的分析儀非常匹配，目前該分析儀已被學術界和工業用戶廣泛採用。Cytek Sorter 和 Cytek Analyzer 之間的面板匹配清楚地展示了它為我們的用戶帶來的好處，並使他們的操作變得非常輕鬆。這是一個原因。第二部分顯然是 Aurora 細胞分選器的性能，並且已經得到了很好的展示，我們的許多用戶可以輕鬆地直接使用我們的分選器，並且超越 40 種顏色面板。

And so, this is something they would like to see. And so even under today's, we know the tight budget situations, they see the benefits and they are jumping to Cytek technology.

所以，這是他們希望看到的。因此，即使在今天預算緊張的情況下，他們也看到了好處，並紛紛轉向 Cytek 技術。

Okay. Great. And then another one on phasing. You noted that you expected growth would be back half loaded this year. What's driving this assumption?

好的。偉大的。然後是另一個關於分階段的內容。您指出，預計今年的成長將恢復一半。是什麼促成了這個假設？

And is there any specific end market you expect to improve as we move throughout the year?

隨著我們全年的發展，您是否預期某個特定的終端市場會有所改善？

There's two factors. One is that typically, our second half of the year represents more than 50% of total sales. So, it's generally usually somewhere in the mid-50s. So that's point one. And that's just a function of the buying patterns of our customers.

有兩個因素。一是通常情況下，我們下半年的銷售額佔總銷售額的 50% 以上。所以，一般來說，它大約在 50 年代中期。這是第一點。這只是我們客戶購買模式的功能。

They tend to buy more, particularly in the fourth quarter than in the first quarter. First quarter tends to be a light quarter. Fourth quarter significantly more active. We don't obviously, there are some new uncertainties in the market environment. We can't sort of can't predict the future with respect to overall economic growth and the broader market.

他們傾向於購買更多，尤其是第四季比第一季購買更多。第一季通常較為清淡。第四季明顯更加活躍。我們顯然不認為市場環境中存在一些新的不確定因素。我們無法預測整體經濟成長和更廣闊市場的未來。

But beyond that, we don't see anything that would suggest that there's going to be a fundamental shift or difference in that normal quarterly pattern. So that's point one. And then point two is that the impact that we've seen on the first quarter has been clearly, there's been some signaling of direct reductions in funding. But to a large part, it's been the driver of reduced spending has been uncertainty about what the future may hold. Not unreasonable to expect that as we get further into the year, that our customers' funding, individual funding situations will be clearer and that some of that uncertainty might lessen.

但除此之外，我們沒有看到任何跡象表明正常的季度模式將發生根本性的轉變或差異。這是第一點。第二點是，我們在第一季看到的影響是顯而易見的，有一些訊號表明資金將直接減少。但在很大程度上，減少支出的原因是人們對未來的不確定性。我們有理由期待，隨著時間的推移，我們的客戶資金、個人資金狀況將更加清晰，一些不確定性可能會減少。

And so, I think that's also an overlay of how we think about it. But I also want to come back to this point that that our revenue outlook is a function of, is formulated based on three different revenue streams: Service where we think that the installed base and the usage and activity of our systems is going to drive continued growth, Reagents, where we've been seeing nice solid growth trends. So those revenue streams should continue to see steady growth. And then the seasonal variation and the lessening uncertainty is primarily going to affect the Instrument portion of our business.

所以，我認為這也是我們思考這個問題的一種方式。但我也想回到這一點，我們的收入前景取決於三個不同的收入來源：服務，我們認為安裝基礎以及我們系統的使用和活動將推動持續成長；試劑，我們看到了良好的穩健成長趨勢。因此這些收入來源應該會繼續穩定成長。然後，季節性變化和不確定性的減少將主要影響我們業務的儀器部分。

Yes. The recurring revenue from service and reagents have now already exceeded 30% of our total revenue.

是的。來自服務和試劑的經常性收入現已超過我們總收入的30％。

Up from 26% a year ago to $31 million. And that recurring portion is growing at 17%. So that should continue to grow at similar rates. The service revenue growth rate, just as the installed base increases, that's going to moderate slightly, but that's something -- that's an effect that will take some years to...

較一年前上漲 26%，達 3,100 萬美元。而且該經常性部分的成長速度為 17%。因此它應該會繼續以類似的速度成長。隨著安裝基數的增加，服務收入成長率將會略有放緩，但這種影響需要幾年的時間才能顯現…

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

This is John on for Dave. So, could you just comment on whether or not you're seeing any of your competitors raising prices due to tariffs? And also, could you give any color on your R&D spending? Are you looking more into imaging or spectral for new product innovation?

我是約翰，代替戴夫。那麼，您能否評論一下，您是否看到任何競爭對手因關稅而提高價格？另外，您能透露一下您的研發支出狀況嗎？您是否更專注於成像或光譜以實現新產品創新？

On the pricing side, things still in the early stage, right? And I think we do see a report talking about passing along some of the tariff cost over to the customers. So, but we still wait to see how it's going to impact the overall market situation. With regarding to R&D, we continue to spend between 15% to 20% of our revenue to R&D and to drive new products. Imaging clearly is one of the directions of the company, which we are working on within the R&D department.

在定價方面，事情還處於早期階段，對嗎？我認為我們確實看到一份報告談論將部分關稅成本轉嫁給客戶。所以，但我們仍在等待觀察它將如何影響整體市場狀況。在研發方面，我們繼續將 15% 至 20% 的收入用於研發和推動新產品。清晰成像是公司的發展方向之一，我們研發部門正在為此努力。

Chad Wiatrowski, TD Cowen.

查德·維亞特羅夫斯基（Chad Wiatrowski），TD Cowen。

This is Chad Wiatrowski on for Brendan Smith. Just on the share repurchases this quarter, obviously, the balance sheet is still healthy. How do you sort of reconcile doing share repurchases versus like M&A or organic investment? And what's sort of the plan throughout the remainder of the year?

這是 Chad Wiatrowski 為 Brendan Smith 所做的報道。僅從本季的股票回購來看，顯然資產負債表仍然健康。您如何協調股票回購與併購或有機投資？今年剩餘時間的計畫是怎麼樣的？

We plan to do both shares repurchase and have capital available for M&A. So, we think we have plenty of cash available to do both. With respect to specific share repurchase plans, I can't say much more than that we did renew our authorization late last year. We purchased $10.5 million worth of shares in the first quarter, approximately $2.1 million. That's basically all I can say for the time being.

我們計劃回購股票並提供資金用於併購。因此，我們認為我們有足夠的現金來實現這兩個目標。關於具體的股票回購計劃，我不能說太多，只能說我們確實在去年年底更新了授權。我們在第一季購買了價值 1,050 萬美元的股票，約 210 萬美元。目前我基本上能說的就這些。

In terms of capital allocation priorities, our plan is to have capital available to do both.

在資本配置優先順序方面，我們的計畫是提供足夠的資本來實現這兩項目標。

Andrew Cooper, Raymond James & Associates.

安德魯·庫珀，雷蒙德·詹姆斯及合夥人。

This is Noah on for Andrew. First question, just wanted to get a feel for what are customers saying about the Cytek news? Are you seeing a lot of interest? I just want to get an idea of what you're seeing in that new product launch.

這是諾亞為安德魯表演的。第一個問題，只是想了解顧客對 Cytek 新聞有何評價？您是否看到很多人對此感興趣？我只是想了解一下您在新產品發布會上看到了什麼。

Yes. Cytek Muse being a new product line and is to support gene and cell therapy, right? And this is a new product currently still in the sampling and evaluation stage, but we do have some early products based on the technology acquired from Luminex. And that's the part has been selling very well and normally they match certain needs, for example, like cell counting and life cell that kind of testing. But Micro Muse, the one we are going to launch will add new features, new functionalities to support new application and enable us entering into a new market in the meantime to help drive our reagent revenue as well.

是的。Cytek Muse 是一條新的產品線，用於支持基因和細胞治療，對嗎？這是一個目前仍處於採樣和評估階段的新產品，但我們確實有一些基於從 Luminex 獲得的技術的早期產品。這部分產品一直賣得很好，通常它們可以滿足某些需求，例如細胞計數和生命細胞之類的測試。但是，我們即將推出的 Micro Muse 將增加新功能、新功能來支援新應用程序，同時使我們能夠進入新市場，以幫助提高我們的試劑收入。

And then maybe if I can just get one more. You mentioned pharma biotech and I think the CRO market postponing orders. Just kind of want to get an idea of what you're seeing now that we're about a week into May. Is there a little bit more optimism? Is it still just about the same as April?

然後也許我可以再得到一個。您提到了製藥生物技術，我認為 CRO 市場正在推遲訂單。只是想了解一下，現在已經進入五月一周了，您現在看到了什麼。是不是稍微樂觀一點了？還是跟四月差不多嗎？

And then also, how does that compare to what you're hearing from your academic and government customers as it relates to funding?

而且，這與您從學術界和政府客戶那裡聽到的有關資金的說法相比如何？

Look, we incorporated everything that we're seeing into our quarterly guide -- sorry, into our annual guidance. So, I also mentioned that we expect to see a typical seasonal pattern between the quarters. So, there's nothing that we've seen so far in May that would be at odds with that. But we don't typically comment on month-by-month or give quarterly guidance. But just suffice it to say that typically, our Q2 is stronger than our Q1.

你看，我們將所看到的一切都納入了我們的季度指南中——抱歉，是納入了我們的年度指南中。所以，我也提到，我們預期各季度之間會出現典型的季節性模式。因此，到目前為止，我們在五月沒有看到任何與此相矛盾的情況。但我們通常不會逐月發表評論或提供季度指引。但可以說，通常情況下，我們的第二季比第一季更強勁。

I think as we've mentioned in the past, we are primarily a third month company. The significant majority of our sales for each quarter happens in the third month of the quarter. So obviously, we haven't seen June yet. And so any, so the evidence around second quarter so far is limited, but it's consistent with and supports the views that we've expressed here. Pharma customers versus academic and research, I think you'll see from our 10-Q that revenue from those two sectors was down by a similar amount.

我想正如我們過去提到的那樣，我們主要是一家三個月的公司。我們每季的絕大部分銷售額都發生在該季度的第三個月。顯然，我們還沒有看到六月。因此，到目前為止，第二季度的證據有限，但它與我們在此表達的觀點一致並支持這些觀點。製藥客戶與學術和研究客戶相比，我想您會從我們的 10-Q 中看到，這兩個領域的收入下降了類似的幅度。

So, we saw cautious spending environment from the pharma industry. There are some macro reasons for that related to tariffs and drug pricing concerns and so on. But generally speaking, we haven't seen much different other than just a more cautious tone around capital spending. But our systems, big pharma still has a strong preference for our systems because they're uniquely capable of being harmonized. And that's very important to them.

因此，我們看到製藥業的支出環境謹慎。其中有一些宏觀原因，與關稅和藥品定價問題等有關。但總體而言，除了在資本支出方面更加謹慎之外，我們並沒有看到太多不同。但是我們的系統，大型製藥公司仍然強烈偏好我們的系統，因為它們具有獨特的協調能力。這對他們來說非常重要。

And we continue to see multiple system orders from big pharma for (technical difficulty)

我們繼續看到大型製藥公司訂購多個系統（技術難度）

And seeing no further questions at this time, that does conclude today's conference call. Thank you all for joining, and you may now disconnect.

目前沒有其他問題，今天的電話會議就此結束。感謝大家的加入，現在可以斷開連線了。